Show detailed calculation and explanation a) Calculate total accumulative depreciation of each asset until the sold date (12/31/20). b) Calculate the adjusted basis for each asset c) Calculate the gain/loss for each asset d) Point out the exact character of gain/loss for each asset gain/loss (ex: Ordinary, pure 1231, 1245, 1250, etc.) e) Calculate the Net 1231 Gain/Loss Hint: Be aware of 1245 Depreciation recapture and 1231 lookback rule

Amber's business goes bankrupt in 2020. To close her business, Amber start by selling off her business assets. Below are the asset disposition transactions: Assets Cost Sold date Sold price 35k Delivery car Furniture Equipment Land Purchased Date 2/1/19 4/15/18 6/1/18 1/1/18 50k 120k 200k 12/31/20 12/31/20 12/31/20 12/31/20 25k 20k 150k 280k Assume there is no Section 179 and Bonus depreciation. Use MACRS only for depreciation calculation